Page not found – Real Estate sales https://windermeremarysville.com Real Estate sales Mon, 24 Jul 2023 19:54:13 +0000 en-US hourly 1 Understanding conflicting predictions https://windermeremarysville.com/2023/07/24/understanding-conflicting-predictions Mon, 24 Jul 2023 19:53:25 +0000 https://windermeremarysville.com/?p=967 Matthew Gardener is the chief economist at Windermere Real Estate, where he analyzes and interprets economic data and its impact on national and local real estate markets. He is also a member of several economic advisory boards and a lecturer at the University of Washington. The views expressed in this column are solely those of […]

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Matthew Gardener is the chief economist at Windermere Real Estate, where he analyzes and interprets economic data and its impact on national and local real estate markets. He is also a member of several economic advisory boards and a lecturer at the University of Washington. The views expressed in this column are solely those of the author. 

 

During the five years leading up to the pandemic, U.S. home prices were rising at an average rate of 5.5% per year. However, as we all know, Covid-19 led the Federal Reserve to start on a massive treasury and mortgage-backed securities buying spree, which ultimately caused mortgage rates to plunge and home prices to soar.

In early 2022, however, the music stopped when Fed Chair Powell announced an end to this buying spree, and mortgage rates quickly began to rise. Starting in June of that same year, prices responded and began to fall with a peak-to-trough decline of over 12.5%.

Naturally, economists and other prognosticators started to offer their thoughts on where the market would be headed in 2023 and, unsurprisingly, there was very little consensus.

A price correction isn’t likely this year

In early 2023, Redfin predicted that prices would fall 4% by year’s end, Wells Fargo anticipated a 5.5% correction, CoreLogic forecasted a 3% increase, and Zillow stated that they thought prices would be “essentially flat.”

Fast forward to today, Wells Fargo now expects prices to rise by 1.6% over the next 12 months, CoreLogic revised their forecast to an increase of 4.6%, and Zillow is now predicting prices to rise by 5% this year.

Confused? You should be!

Although a significant price correction would help improve housing affordability and benefit many home buyers who have become priced out of the market, I am afraid that this is unlikely.

We have seen home prices rise every month so far this year, which is somewhat counterintuitive given the significant increase in mortgage rates, but it happened nevertheless.

As we move through the remainder of the year, I expect prices to continue ticking higher, which is good news for homeowners but bad news for buyers who were hoping homes would become more affordable in 2023.

Price drops dependent on inventory; inventory dependent on mortgage rates

So, what would it take for home prices to drop significantly? The answer is a lot more homes coming to market. Unfortunately, this is unlikely thanks to the very same thing that caused prices to rise so significantly: mortgage rates.

Today, 61% of homeowners have a mortgage rate below 4%. Furthermore, 81% of all mortgaged homes have a rate below 5%. For these homeowners, there is little incentive to sell if they do not have to.

Rates could level out around 5% in 2024

Ironically, it’s the lack of homes on the market that is supporting home values, and unless inventory increases significantly, the price correction that the country has experienced will be over.

Looking forward, it is still my expectation that mortgage rates will start to trend lower in the second half of this year — but not to a level that will cause more sellers to put their homes on the market. As a result, prices will continue notching higher.

Mortgage rates will be the ultimate driver of the inventory we so desperately need, but until they are solidly in the 5% range, I don’t expect much to change – and that probably won’t happen until the second half of 2024.

Buyers — and real estate agents — are going to have a tough time for the balance of the year, but hope is on the horizon, just as long as mortgage rates start behaving.

 

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A Top Ten List https://windermeremarysville.com/2023/07/18/a-top-ten-list Tue, 18 Jul 2023 21:11:22 +0000 https://windermeremarysville.com/?p=955 Good news! Selling a home is not a solo endeavor. Your goal in selling your home is to get the best price in a timeframe that meets your needs. To do that, you’ll enlist a team of professionals. So, who are the parties involved in a real estate transaction? Let’s review ten important people in […]

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Good news! Selling a home is not a solo endeavor. Your goal in selling your home is to get the best price in a timeframe that meets your needs. To do that, you’ll enlist a team of professionals. So, who are the parties involved in a real estate transaction? Let’s review ten important people in the home selling process so you can be prepared once you’re ready to sell your home. And to understand the process from the buyer’s side, check out 10 Important People in the Home Buying Process.

10 Important People in the Home Selling Process

1. Real Estate Agent 

We’re starting this list with your real estate agent for a reason. The agent representing you is known as a listing agent, and they will be your personal MVP of the selling process. Not only will they conduct a Comparative Market Analysis (CMA) to set a competitive price for your home, but they also know how to market it effectively, they’ll negotiate on your behalf, and they’ll guide you through the process of finalizing the transaction. When searching for an agent, find someone whose professionalism you respect, someone who knows the local market, and most importantly, someone who cares about your goals.

2. Remodeling Contractors

Having your home in tip-top shape when you sell will help you boost its value and get the best price. If you’re thinking about selling, it’s a great time to complete remodeling projects that will help your home stand out amongst the competition. Yes, you have a significant pay day coming when you sell your home, but you want to focus your attention on high ROI remodeling projects that will get you the most bang for your buck. Talk to your agent about which home renovations are drawing buyer interest and strategize accordingly.

3. Home Inspector

Another important aspect of preparing your home for sale is being aware of what repairs it needs, which is why some sellers conduct a pre-listing inspection. Getting the information in this report before you hit the market will help you schedule repairs quickly and shows buyers a level of transparency that informs their buying process. Even if you don’t get a pre-listing inspection, a home inspector will enter the fold eventually. But hiring your own professional early on will give you a better understanding of your property’s condition.

4. Home Staging & Real Estate Photographer

We’re combining a couple professionals in real estate marketing here, but both are critical to successfully selling your home. Home staging can boost home value and helps buyers more easily imagine themselves living somewhere new. And in today’s world, it’s more important than ever to represent your home well online. High quality real estate photos maximize your home’s appeal and differentiate it from other listings. Both a professional home stager and real estate photographer will help you attract buyer interest. And for the do-it-yourself crowd, consider our 7 Tips for Staging Your Home Yourself.

5. The Right Buyer

We’d be remiss if we didn’t mention the party on the other side of the transaction—the buyer! To find the right offer, it’s important that you communicate with your agent regarding your goals. There are multiple layers to a buyer’s offer beyond the price, so the better your agent understands what meets your needs, the quicker they can identify it and the better they can negotiate on your behalf. For more, read How to Negotiate as a Seller.

6. Mortgage Broker and Mortgage Lender

Whereas a buyer’s agent helps them find and make an offer on your home, their mortgage broker assists them in securing substantial financing to actually purchase it. Once the buyer gets approved for a loan, their mortgage lender takes over the home financing process. Buyers may choose to work directly with a mortgage lender.

7. Home Appraiser

During the process of selling your home, the buyer’s lender will hire a professional appraiser to evaluate your home’s location, size, and condition along with recent sales of comparable listings to determine its appraised value. This is to ensure that the buyer isn’t overpaying for the property and that you’re not underselling it. Knowing the difference between appraised value and market value will help you understand how a home’s eventual sales price comes to be.

8. Title Company

A home sale isn’t official until ownership has been transferred from the seller to the buyer. To do this, you’ll meet with a title officer during the closing process to sign paperwork and transfer the deed. The title company will conduct a search of the property’s records to make sure it’s in good legal standing and is fit to sell.

9. Escrow Company

So, how does the buyer’s money actually make its way to you? That’s where escrow comes in. Escrow in real estate is a third-party company responsible for holding the funds while the deal is in motion and disbursing them once it goes through. Though you may not meet the person responsible for routing the money for your home sale, they’re a key part of the closing process.

10. Moving Company

Congratulations, you’ve sold your home! Whether it’s arranging utility service or updating your banking information, there are a thousand little things to do during this exciting time. Keep track of your moving timeline with our comprehensive Moving Checklist.

Thinking about selling your home? Start by finding the right agent, one of the most important people in the home selling process. Connect with a local Windermere agent to get answers to all your questions from list to closing.

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How to deal with Mold in the PNW. https://windermeremarysville.com/2023/06/21/how-to-deal-with-mold-in-the-pnw Wed, 21 Jun 2023 21:28:19 +0000 https://windermeremarysville.com/?p=941 Whether you are buying or selling a home, mold is something to be mindful of. Health concerns and potential damage make mold a red flag for buyers. Even if you’re not planning to sell any time soon, taking care of mold problems now can prevent even larger and more costly issues in the future. Contrary […]

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Whether you are buying or selling a home, mold is something to be mindful of. Health concerns and potential damage make mold a red flag for buyers. Even if you’re not planning to sell any time soon, taking care of mold problems now can prevent even larger and more costly issues in the future. Contrary to what some people think, mold is not a geographic problem—it can occur anywhere, no matter where you live. Here is some basic information about mold and how to deal with it.

What is mold?

Molds are microscopic organisms that are found virtually everywhere indoors and outdoors. There are thousands of different kinds of mold. Their natural function is to help break down dead materials such as stumps and leaves so the nutrients can be used by the environment. For molds to grow, they need two things: an organic food source—such as leaves, wood, paper, or dirt—and moisture.

Mold Causes Damage

Mother Nature uses mold to decompose plant material. Unfortunately, when present indoors, it can be equally destructive. Mold growth can damage furnishings, such as carpets, couches, and cabinets. If it goes undetected or neglected, it can also cause serious damage to walls and structural elements in your home.

Mold is present everywhere, and most people tolerate exposure with no adverse effects. If allowed to spread, however, it may cause problems. As molds grow, they release thousands of tiny spores that travel through the air. When inhaled in large enough amounts, these spores may increase the risk of adverse health effects in some people, particularly respiratory problems.  A less-common strain of mold called “black mold” can be particularly troublesome to those who are especially sensitive.

Common Causes of Mold Growth in Homes

No matter your local climate, your home is vulnerable to mold. There are many sources of mold problems, from faulty air conditioners to poorly positioned sprinkler systems. Here are the most common sources of mold inside the home:

  • Flooding
  • Leaky roofs or damaged gutters
  • Heating or cooling system problems
  • Poor drainage next to foundation
  • Plumbing leaks from toilets, refrigerators, and dishwashers
  • Damp basement or crawl space
  • Leaking windows or doors
  • Steam from shower or cooking
  • Indoor exhaust from dryer

Detecting Mold in Your Home

If you can see or smell mold inside your home, it’s time to act. Any area that has sustained past or ongoing water damage should be thoroughly inspected—you may find hidden mold growth in water-damaged walls, floors, or ceilings. Walls and floors that are warping or discolored can also indicate moisture problems, as can condensation on windows or walls.

How to Prevent Mold in Your Home

Since mold is always present, there’s no way to eliminate it completely. You can control indoor mold growth, however, by controlling moisture.

  1. Remove the source of moisture by fixing any leaks or other water problems.
  2. Make sure your bathroom fans and dryers are properly vented to the outside. Always use the exhaust fan when cooking or showering.
  3. Use a dehumidifier to reduce moisture levels in the air. Make sure your AC system is well maintained and is the correct size for your home. A faulty AC system can cool the air without removing the water vapor, creating high humidity.
  4. Insulate your home well to prevent indoor condensation.
  5. Have your heating, ventilation, and cooling systems professionally cleaned annually. Air-duct systems can easily become contaminated with mold.
  6. Regularly clean moist areas such as the bathroom with products that treat mildew.
  7. Dry clean your carpets (as opposed to wet cleaning them).
  8. Avoid carpeting bathrooms and basements.
  9. Clean any moldy surfaces as soon as you notice them.

How to Deal with Mold in Your Home

Mold can be a manageable problem. If you have a mold problem that is isolated to a small area—less than a square yard or so—you can try to resolve it yourself. However, if your mold problem is severe or if you have extensive water damage, it’s best to call a professional contractor who specializes in mold removal.

Porous items that are hard to clean, such as carpet and drapes, should be discarded. Moldy sheetrock and ceiling tiles can be removed and replaced. Hard, nonabsorbent surfaces such as glass, plastic and metal should be thoroughly cleaned with soap and water and allowed to dry completely. For solid items that are semi-porous, such as floors, cabinets, and wood furniture, scrub with an ammonia-free cleaner and hot water to remove the mold. Rinse with water and dry thoroughly. After cleaning, apply a mildewcide to kill mold and spores.

When cleaning mold, remember to wear gloves, a mask, and eye protection, and work in a well-ventilated area. Never mix cleaner containing bleach and ammonia; this can result in the release of a toxic gas. And be sure to throw away any sponges or rags that you use for cleaning.

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Pest control – A How to Guide https://windermeremarysville.com/2023/06/21/pest-control-a-how-to-guide Wed, 21 Jun 2023 21:24:46 +0000 https://windermeremarysville.com/?p=933 Any evidence of a pest infestation is a bad omen for homeowners. The last thing you want on your mind is the thought that critters could be crawling through your home, wreaking havoc as they go. Being proactive about home pest control can help you prevent an infiltration, and knowing what to do at the […]

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Any evidence of a pest infestation is a bad omen for homeowners. The last thing you want on your mind is the thought that critters could be crawling through your home, wreaking havoc as they go. Being proactive about home pest control can help you prevent an infiltration, and knowing what to do at the first signs of pest activity will help you limit the damage they cause.

Tips for Home Pest Control

Being a homeowner comes with the responsibility of protecting your property. Whether it’s a home security system to deter home burglaries, regularly cleaning to prevent mold growth, or testing for asbestos, you’ve got a lot on your plate. But these aren’t just nagging to-do-list items, they are important proactive steps that will help you avoid costly repairs. Preventing pests is no different; even the smallest bugs can do big damage. So, how do you stop them?

The best defense is a good offense, and keeping pests from getting inside will help reduce the damage they can cause. Though you may not be able to shut out every single bug, you can make it difficult for them. Cover holes with durable materials like steel wool and copper mesh to keep them out. Check all the seals and weatherstripping around your doors, windows, and on your roof, re-caulking as necessary to make them airtight, and patch up sections of torn window screens with new screen material. The gardener in you may enjoy the flourishing look of your plants, trees, and shrubs fully grown out, but if they’re touching your home’s siding or roof, it’s basically a highway express lane for pests headed indoors. Trim all landscaping away from your home to limit pest traffic and reduce your chances of them causing damage to your home.

DIY Pest Control

Extra garbage, leftover food, and plumbing leaks will attract pests. Regularly take out your trash and dispose of compostable food scraps to keep the bugs at bay. If a leak springs, it’s like a magnet for certain pests looking to capitalize on the damage. This emphasizes the importance of taking steps to prevent water damage in your home and quickly repairing leaks when they happen.

You can also use common pantry items to deter pests. A mixture of water and an essential oil like peppermint, lemon grass, or cedarwood sprayed along windows and doorways is a natural way to repel bugs. A little apple cider vinegar with dish soap in a small cup will help you attract and catch fruit flies, whipping up a quick white vinegar-and-water mixture will quickly clean up messes pests leave behind, and the strong smell of coffee grounds is powerful enough to stop them in their tracks. Learn more about how these food products can help you get your home sparkling clean:

If pests have gotten in your home and started causing damage, it very well may be too late for DIY preventative measures like these. In these situations, it’s best to contact a local licensed professional to exterminate as needed. Depending on the extent of the damage, you may be temporarily displaced from your home. Be sure to plan ahead if that’s the case.

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Have mortgage fees changed for good borrowers with excellent credit? https://windermeremarysville.com/2023/05/22/have-mortgage-fees-changed-for-good-borrowers-with-excellent-credit Mon, 22 May 2023 18:25:31 +0000 https://windermeremarysville.com/?p=923 The post Have mortgage fees changed for good borrowers with excellent credit? appeared first on Windermere Real Estate Marysville.

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How to calculate the quantity of paint you need? https://windermeremarysville.com/2023/05/18/how-to-calculate-the-quantity-of-paint-you-need Thu, 18 May 2023 21:10:11 +0000 https://windermeremarysville.com/?p=917 Whether you’ve just bought a house or you’ve lived in your home sweet home for years, at some point its walls and surfaces will be due for a fresh coat of paint. Repainting can breathe new life into an interior and help you personalize the space, whether you’re working within the latest interior design trends or blazing […]

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Whether you’ve just bought a house or you’ve lived in your home sweet home for years, at some point its walls and surfaces will be due for a fresh coat of paint. Repainting can breathe new life into an interior and help you personalize the space, whether you’re working within the latest interior design trends or blazing your own trail. But there’s one fundamental question facing every homeowner as they begin their painting project: How much paint do I need?

How much paint do I need?

Every project has a budget, and with the right planning you can execute the project to its full potential without going over budget. Painting is the ultimate DIY project and can be quite therapeutic, but still requires some calculation to determine how much you should expect to spend. With the right amount of paint, you’ll avoid overspending and getting saddled with the sunk cost of unused paint after you’ve completed your project.

The amount of paint required varies by project, but as a general rule of thumb, one gallon of paint covers about 400 square feet. So, it only takes a few simple measurements to calculate the amount of paint you’ll need for your walls.

How to Calculate How Much Paint You Need:

  • Start by measuring the length of each wall
  • Multiply the wall length by the wall height
  • Total length x total height = total square footage
  • Total square footage ÷ 400 = number of gallons
  • Subtract windows and doors square footage

Following this formula will give you the number of gallons you need to purchase for one coat of paint. Depending on your color scheme and the texture of your walls, your painting project may require multiple coats to have it looking just right.

If the walls you’re painting have windows and/or doors, simply perform the same basic calculation to determine their square footage and subtract that number from the total square footage value before calculating how many gallons you’ll need. When painting your ceilings, remember to account for the square footage of any skylights you may have in your home.

Primer and Trim

It’s often the case that a paint job is only as good as its base coat. A solid layer of primer can really make your painting project shine. But the same query with your topcoat applies to your primer: how much do you need? A gallon of primer will cover up to 300 square feet, so you’ll need more primer than topcoat for your project. Perform the same calculations as above and divide your paintable square footage by 300 to determine how many gallons of primer you’ll need to pick up.

How to Calculate How Much Primer You Need:

  • Start by measuring the length of each wall
  • Multiply the wall length by the wall height
  • Total length x total height = total square footage
  • Total square footage ÷ 300 = number of gallons
  • Subtract windows and doors square footage

Calculating square footage for trim isn’t as straightforward as it is for a square or rectangular wall. When preparing to paint your baseboards and crown molding throughout your home, think in quarts rather than gallons. Trim paint may go on smoother depending on the wood finish, and you’ll be using a brush rather than a roller. If you end up with extra trim paint at the completion of your project, it never hurts to keep it around for future touchups.

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5 Common Myths about selling your home. https://windermeremarysville.com/2023/05/18/5-common-myths-about-selling-your-home Thu, 18 May 2023 21:05:10 +0000 https://windermeremarysville.com/?p=913 Selling your home is a crash course in real estate education. You’ll learn how to work with your real estate agent to find a buyer and sell at the right price. As you prepare to sell, it’s important to remember that that not everything you’ve heard is true. There are several common myths that can […]

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Selling your home is a crash course in real estate education. You’ll learn how to work with your real estate agent to find a buyer and sell at the right price. As you prepare to sell, it’s important to remember that that not everything you’ve heard is true. There are several common myths that can lead to costly mistakes in the selling process. Knowing the truth behind them will clarify your selling journey and help you align your expectations.

Selling Your Home: 5 Common Myths

1. Home Value Calculators Are 100% Accurate

Online Automated Valuation Models (AVMs) are a great starting point for understanding how much your home could be worth. However, they are merely a first step in determining home value; to say they are 100% accurate is a myth. When it comes to pricing your home, you need to rely on your real estate agent’s Comparative Market Analysis (CMA), which uses vast amounts of historical and current data on real estate listings to arrive at an accurate and competitive figure.

To get an estimate of how much your home is worth, try our Home Worth Calculator here:

2. Selling FSBO Will Save You Money

Selling a home requires an intimate knowledge of the housing industry and how to solve the complex situations that arise throughout a real estate transaction. Despite this, some sellers will go it alone and attempt to sell their property without being represented by an agent.

Selling For Sale by Owner (FSBO) is a risky proposition. It requires the seller to bear added liability, fills their schedule with various marketing and promotional responsibilities, and can leave money on the table by inaccurately pricing the property, causing it to sit on the market for too long. The potential costs of selling a home on your own far outweigh the commission real estate agents earn on a home sale.

3. You Must Remodel to Sell Your Home

The question you’ll face when preparing to sell your home is whether to sell as is or remodel. The answer usually lies somewhere in between, but it depends on your situation and what kinds of home upgrades are driving buyer interest locally. When making improvements to your home, lean toward high ROI remodeling projects to get the best bang for your buck, and avoid trendy projects that can delay listing your home. If you’re considering major upscale renovations, talk to your agent about which projects buyers in your area are looking for.

4. Never Accept the First Offer

You’ve likely heard tell that the first buyer’s offer is nothing more than a springboard to up your asking price and to never accept it. In this case, “never” should be approached with caution. In reality, the best offer for your home is one that you and your agent have discussed that aligns with your goals. If a matching offer happens to be the first one that comes your way, so be it. The market can shift at any time, so you never know what may happen if you leave an offer on the table. And if the buyer backs out of the deal, you and your agent will find a path forward.

5. Home Staging Doesn’t Make a Big Difference

Staging your home is so much more than a cosmetic touchup; it has been proven to help sell homes faster and at a higher price than non-staged homes.Staging ensures that your home has universal appeal, which attracts the widest possible pool of potential buyers. When buyers are able to easily imagine living in your home, they become more connected to the property. You should stage your home regardless of your local market conditions, but it can be especially helpful in competitive markets with limited inventory where even the slightest edge can make all the difference for sellers.

Now that you know some of the most common myths in the selling process, get to know its truths. Connect with a Marysville Windermere agent to get the process started:

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I read the news today, oh boy… https://windermeremarysville.com/2023/01/09/i-read-the-news-today-oh-boy Mon, 09 Jan 2023 19:30:45 +0000 https://windermeremarysville.com/?p=889 I was heartbroken when I read the news that Northlake Tavern and Pizza House is closing their doors as of January 31st.  Northlake Tavern, located near the north end of Lake Union in Seattle  near the U District, has been serving the same quality pizza since they opened their doors in 1954. I started going […]

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I was heartbroken when I read the news that Northlake Tavern and Pizza House is closing their doors as of January 31st.  Northlake Tavern, located near the north end of Lake Union in Seattle  near the U District, has been serving the same quality pizza since they opened their doors in 1954.

I started going to Northlake Tavern when I attended the University of Washington, from 1974 – 1978.  It was a special treat for a college student, because often it was out of our price range.  But love it, we did.  On my last visit, before moving to Hawaii after graduation, the legendary Don James was eating at Northlake with a few friends.  I met Coach James in Hawaii 5 years later when the Huskies were playing in the Aloha Bowl and actually had the pleasure to take him to lunch. I told him my story of seeing him at Northlake, and he said Northlake Tavern’s pizza was his favorite of all time.

Almost every trip home from Hawaii to visit friends and family included a trip to Northlake Tavern. And after moving back here in 1989, I have tried to make a yearly visit to the shrine of Northlake.  I often bring friends visiting from out of town, from places as far away as North Carolina and Pennsylvania.

I suppose they have other items on their menu, but why mess with perfection. Their large combo weighs in at over 6 pounds and is covered with Italian Sausage, Pepperoni, Mushrooms and Olives.  Other pizza fads come and go (Deep dish, oven fired, etc.) but none have matched the beauty of a Northlake Pizza.

I contacted a friend and former co-worker from my days in Hawaii, who now lives in Seattle, and told him we need to go this weekend.  We will be there Sunday afternoon.  I suggest you do the same before January 31st.

https://seattlerefined.com/eat-drink/seattle-northlake-tavern-pizza-closing-small-business-big-marios-pnw-restaurant-closure#

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Is your garage ready for an EV car? https://windermeremarysville.com/2022/12/06/is-your-garage-ready-for-an-ev-car Tue, 06 Dec 2022 19:10:41 +0000 https://windermeremarysville.com/?p=881 Love them or hate them, electric vehicles will be our future.  A small percentage of people own them now, but the push is out there to get more people to own them.  I personally own a Toyota Prius Prime, which is a PHEV…a plug-in hybrid.  It is the best of both worlds, as the car […]

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Love them or hate them, electric vehicles will be our future.  A small percentage of people own them now, but the push is out there to get more people to own them.  I personally own a Toyota Prius Prime, which is a PHEV…a plug-in hybrid.  It is the best of both worlds, as the car will go about 25 miles purely on electric, then kicks into gas mode like all other hybrids.  Not perfect for people who drive 100+ miles a day, but for those that have a small commute, it’s wonderful.  I plug my car in at home every night. If you are interested in what the process looks like to get your garage plug-in ready, the Windermere Blog has a great article on it, written by Sandy Dodge.  Check it out.

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The in’s and out’s of the Escrow process. https://windermeremarysville.com/2022/05/10/the-ins-and-outs-of-the-escrow-process Tue, 10 May 2022 21:07:50 +0000 https://windermeremarysville.com/?p=845   The process of buying a home is made up of several stages. After preliminary stages like getting pre-approved, searching for homes, and finding a buyer’s agent, various contracts and buyer-seller agreements will enter the fold as the purchase of a home is finalized. Escrow is a pivotal point in the buying process that will ultimately lead […]

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The process of buying a home is made up of several stages. After preliminary stages like getting pre-approved, searching for homes, and finding a buyer’s agent, various contracts and buyer-seller agreements will enter the fold as the purchase of a home is finalized. Escrow is a pivotal point in the buying process that will ultimately lead to you, the buyer, receiving the keys to your new home. Here is your guide to understanding escrow and how it works.

A Guide to Understanding Escrow

What is escrow? 

Escrow is a vehicle for temporarily holding the funds in a real estate transaction and making sure they distribute properly when the deal goes through. The funds and documents are held by a third party “in escrow” until the terms of the agreement have been filled. Escrow accounts protect the buyer’s “good faith deposit” (also known as “earnest money”) to ensure it goes to the seller as outlined in the real estate contract. These funds show that the buyer is serious about staying true to their offer and does, in fact, intend to pay the seller.

The seller accepting your offer is your cue to begin the escrow process. Your first step is to open an escrow account. Then, you’ll go about securing a mortgage and obtaining insurance for the home. When the deal goes through, the funds in will go towards your down payment and closing costs. Sometimes, the escrow funds are held in the account after the sale of the home has been finalized. This is known as an “escrow holdback.” This situation can often arise if a buyer discovers an issue with the home in their final walkthrough that wasn’t present during an earlier inspection. If the home is in a worse condition than what shows in the contract, then the good faith deposit will go back to the buyer, and they are released from the contract.

 

A man and woman signing their escrow paperwork at a table.

How does escrow work?

Once all the I’s have been dotted and the t’s have been crossed, an escrow officer will issue a deed with you listed as the new property owner. Then, you’ll order a wire transfer for the funds to be allocated. Once closing is complete, the third party holding the escrow funds will distribute them per the terms of the agreement. This distribution of funds make up a part of the total closing costs for buyers, which include, among others, real estate agent commissions, title and insurance fees, and any HOA dues that may apply.

Escrow evolves after the purchase of a home. Once you’ve bought your new house, your lender will open a mortgage escrow account, through which you’ll pay for your property taxes and homeowners insurance. Held by your lender, the money in this account is added to your monthly mortgage payment.

To not get overwhelmed during the escrow process, it’s important to read your documents carefully and ask questions to make sure you understand them. When it comes time to close on the home, read through everything carefully to make sure you haven’t missed anything before the deal goes final.

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